US ratings agency A.M. Best Co. said the outlook was stable for Everest Re Group and has assigned indicative ratings to a universal shelf registration filed by the Bermuda reinsurer to the tune of $975 million.

The agency gave an “a” senior debt, “a minus” subordinated debt, “a minus” preferred securities and “bbb plus” preferred stock rating to the company and its affiliates, which was just declared effective by the SEC.

Net proceeds from any issuance of these securities may be used by Everest Re for general corporate purposes and to provide working capital, according to a release from Best,.

As of September 2003, Everest Re's financial leverage - debt plus preferred securities as a percent of total adjusted capital - was a moderate 20.9 percent, and its financial performance provided a fixed charge coverage of 10.1 times, said the rating agency.

Best said it expects Everest Re to maintain its financial leverage at no greater than 30 percent while continuing to achieve fixed charge coverage in the high single digit range as it issues securities under this shelf registration.

Best said these ratings reflect Everest Re's consistently strong earnings trends, excellent capital position and its well-established global reinsurance franchise.

But it added that offsetting these positive attributes are the high operating leverage ratios of its US operations and significant growth in business segments with limited operating history.

Christmas record

Ernst & Young in Bermuda has this year raised a record amount for its Christmas gifts for the Centre on Angle Street.

This year staff have raised $924 through different fundraising activities and were yesterday presenting the children's gifts to the centre.

“Thanks to the kindness of our staff, this year we have raised a record amount of $924,” said Johnette Smith of Ernst & Young, who was yesterday due to deliver the gifts. “The donations were generously matched by the partners of Ernst & Young, which allowed us to purchase many of the items on the centre's wish list.”

Among the gifts are a selection of games, PlayStations a Game Zone 10 in 1, a dry erase board to replace their old blackboard and a deep freeze.